On April 2, 2025, stablecoin USDC issuer Circle officially submitted its IPO application to the SEC, planning to list on the New York Stock Exchange under the ticker symbol 'CRCL', with a target valuation of approximately $4 billion to $5 billion. Its 2024 revenue reached $1.68 billion, with a net profit of $156 million, but the net profit decreased by 41.8% year-on-year, mainly due to a surge in distribution costs (such as the share paid to Coinbase accounting for 60.7% of revenues) and a high dependence on U.S. Treasury interest for income. This IPO is viewed as a key initiative amid expectations of Federal Reserve rate cuts and regulatory uncertainties, aimed at consolidating its position in the stablecoin market through capital infusion and narrowing the gap with Tether (USDT).

Circle's advantages lie in compliance and transparency (such as regular audits of reserves), and it is accelerating its layout thanks to favorable regulations promoted by the U.S. 'GENIUS Act'. However, risks include a valuation that has halved from its 2022 peak, a single profit model, and a strong reliance on Coinbase (which accounts for 20% of USDC circulation). If successful in going public, it could become an important milestone in the compliance process of the stablecoin industry, but its long-term competitiveness will still depend on the implementation of regulations and the diversification of revenues.